Better 2.0 targets a $50M quarterly expense base as Garg reshapes firm.

Vishal Garg has launched a concentrated 90-day plan to reshape the mortgage company around a leaner cost structure and a more diversified channel mix. The initiative sets an explicit target to bring the firm’s quarterly expense base down to fifty million dollars while accelerating growth in HELOC and wholesale lending as primary revenue engines. Leadership is initiating a search for a permanent chief executive to steer the next phase and is weighing strategic asset moves, including a possible sale of its regional bank unit in Birmingham. The combined measures signal a strategic pivot from a wide consumer-facing model toward a capital-efficient, channel-focused platform intended to stabilize margins and rebuild market confidence.

The agenda emphasizes cost discipline and balance-sheet optimization as immediate levers to extend operational runway and fund prioritized growth areas. Doubling down on HELOCs and wholesale channels aims to capture less rate-sensitive demand and deepen correspondent partnerships, while the CEO search and potential divestiture serve as governance and capital-raising tools. Those steps could improve profitability and strategic flexibility but carry execution, regulatory and cultural risks that will test management’s ability to deliver. Market participants will be watching whether this compact plan achieves sustainable performance improvements or triggers further restructuring.

– 90-day plan: A short-term blueprint to reset priorities and accelerate execution across cost and growth initiatives.
– Expense reduction target: A specific quarterly expense run-rate goal to enforce cost discipline and improve margins.
– HELOC and wholesale emphasis: Strategic channel shift aimed at less rate-sensitive revenue and stronger correspondent relationships.
– CEO search: A leadership transition intended to bring operational stability and an executive to implement the new strategy.
– Potential Birmingham Bank sale: A possible divestiture to raise capital, simplify the balance sheet and focus the business on mortgage operations.

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